Vestey Group Limited v Bolivarian Republic of Venezuela - United States District Court for the District of Columbia - 1-18-cv-01456 - Stipulated Order for Judgment by Judge Thomas F. Hogan - 19 January 2021
Country
Year
2021
Summary
WHEREAS, Petitioner Vestey Group Limited ("Vestey") is a private limited company incorporated under the laws of England and Wales;
WHEREAS, Respondent is the Bolivarian Republic of Venezuela ("Venezuela"), a foreign State within the meaning of the Foreign Sovereign Immunities Act ("FSIA"); see 28 U.S.C. § 1603(a);
WHEREAS, on April 15, 2016, the arbitration tribunal in the ICSID Convention arbitration captioned Vestey Group Ltd v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/06/4, issued an award (the "Award") directing Venezuela to pay Vestey: damages in the amount of US$98,145,325 (the "Damage Amount"); interest on this amount at the rate applicable to six-month U.S. sovereign bonds, compounded semi-annually, from October 29, 2011 until payment in full (the "Pre-judgment Interest"); and costs in the amount of US$585,391.82 (the "Costs");
...
WHEREFORE, it is hereby ORDERED that:
1. The Awards are CONFIRMED;
2. The Clerk of the Court shall enter judgment for Vestey and against Venezuela in the amount of US$104,616,491 plus Pre-judgment Interest calculated on the Damage Amount of US$98,145,325 and Pre-judgment Interest amount of US$5 million at the rate of 0.13162% per year from September 1, 2020 until the date of entry of judgment;
3. Post-judgment interest pursuant to 28 U.S.C. § 1961 shall accrue on this amount from the date of the judgment until full payment;
4. Vestey shall not attempt to execute the Awards, or this Court's judgment confirming, recognizing and enforcing the Awards, (including by perfecting any lien created by the judgment) against any of Venezuela's assets in the United States or the United Kingdom until the earlier of (a) 18 months from the date of the judgment, or (b) Vestey's being permitted to execute the Awards or this Court's judgment, or not being prohibited from executing the Awards or this Court's judgment, under any sanctions regulations issued by the U.S. Treasury Department's Office of Foreign Assets Control, whichever occurs first. Except that, if otherwise permitted by applicable law and regulations, Vestey may (i) seek certification pursuant to 28 U.S.C. § 1610(c) that a reasonable period of time has elapsed to allow enforcement of the judgment, so long as such certification is sought at least 6 months after the date of this judgment,
5. Vestey shall not knowingly transfer or assign the Awards or this judgment to any Sanctioned Party in violation of any OFAC sanctions regulations; and Vestey and any of its successors or assigns, and anyone acting on its behalf, including its officers, agents, servants, employees, trustees, beneficial owners, and attorneys, and all persons and organizations acting in concert with any of them, shall be bound by the terms of this Stipulated Order for Judgment dated December 22, 2020.
6. This Court shall retain non-exclusive jurisdiction over matters related to the enforcement of this judgment.
...
Award
